Why Washington Trust Bancorp Stock Was a Winner Today

Washington Trust Bancorp (WASH) stock surged 4.15% after the regional bank reported third-quarter earnings that beat analyst expectations. The bank posted revenue of nearly $65 million (up 15% YoY) and net income that nearly doubled to $19.4 million. Adjusted earnings per share of $2.50 significantly exceeded the consensus estimate of $0.87. However, concerns remain as deposits and loans grew only 1% sequentially, limiting future growth potential.